Eternal Trusts Is The World’s First Fiduciary Crypto Protocol
Project
Summary
Eternal Trusts is the world’s first
fiduciary crypto protocol for creating decentralized apps that securely
administer crypto assets through collective decision-making. It replicates the
traditional “purpose trust” framework with crypto technologies, making it
flexible, transparent, and affordable for the end user. ET Protocol is powered
by EOS.IO, one of the fastest blockchains with low transaction fees, and by
Hyperledger of IBM.
The
ET Protocol
Eternal Trusts is an EOS-based
fiduciary crypto protocol. It allows financial service providers to build
secure & fast decentralized applications that can integrate collective
decision-making into asset administration.
As an open source protocol, Eternal
Trusts allows traditional trustees, family offices, and estate planning
institutions interested in accepting cryptocurrencies or integrating blockchain
into their business processes to offer a brand new model of trusted asset
administration to their clients. Eternal Trusts provides a robust and more
publicly accessible set of mechanisms based on smart contracts and will cause
the proliferation of a new distributed ecosystem of cutting edge fiduciary
services, potentially allowing a wide range of people to attain long-term
fiduciary purposes that best suit their needs.
Unlike in traditional centralized
trusts, the trustee powered by ET Protocol is represented by:
·
The system of Smart contracts --
blockchain algorithms that work as real world paper contracts but do not
require a centralized arbitrating party.
·
Networks of Oracles -- groups of trusted
parties selected by the dApp founders to be in control of asset administration
for their clients, and rewarded for optimal decisions.
·
ET Token -- a smart contract-based medium
of exchange that is used by all participants of the Protocol.
The combination of these 3 components
implements so-called P urpose Execution Flow, advanced algorithm that
autonomously fulfills asset administration goals.
ET Protocol provides the following
built-in mechanisms:
·
A customizable dApp with an interface for
onboarding clients, determining their goals, beneficiaries, trusted parties,
and potential “triggers” for transactions
·
A framework for recording private and
public data of the clients onto the blockchain for indefinite, secure storage
·
A system of smart contracts that
establishes rules of interaction between participants
·
A wallet for accepting, trading, and
storing cryptocurrencies
·
Highly configurable centralized or
decentralized decision making mechanism
·
Assignment of specific roles for trusted
parties that can freeze or release assets through the multisignature
mechanism
·
A reward system for optimal actions on
behalf of the client
·
Vetoing transactions by clients or his/her
trusted parties
·
Inherent dispute resolution mechanism
·
Asset management through tokenization
·
Anonymization of the source of funds and
encryption of client’s data
Any dApp founder, be it a trustee or
a bank, can attract and incentivize multiple pools of experts, organizations
and AI-algorithms that can become responsible for constantly breaking down the
settlors' long-term objectives into smaller parts and seeking the most reliable
providers that can complete them in the most optimal way. A dApp built on the
Eternal Trusts platform is unable to avoid fulfilling the undertaken obligations
written into the blockchain for autonomous execution. The flexible autonomous
system, called Purpose Execution Flow, initiates the voting process on preset
triggers, finds the most optimal solutions for the client with the help of
Oracles, analyzes potential contractors and, if they meet the predetermined set
of reliability criteria, proceeds to purchase the services that the client
requires.
The benefits for the Trustees powered
by the ET Protocol:
1.
Safety
of assets
Assets are protected from all legal
claims and are impossible to withdraw without the whole dApp network agreeing
to the solution.
2.
Earning
more on managing assets through tokenization
Crypto
assets can be distributed among a variety of asset classes via tokenized ETFs,
equities, FI, REIT, etc. to provide reasonable risk/returns ratio.
3.
Smarter
decision making
The ET-powered trustees can Integrate
expert networks and AI to solve any fiduciary purpose of the client.
4.
Faster
operations
Decisions can be made remotely and
are only limited by the speed of the blockchains used.
5.
Perspective
for new markets & services
Trustees can scale their services
onto new markets of crypto enthusiasts, the low/mid income and developing
markets, or solve a wider range of purposes for their current target audience.
6.
The
protocol is flexible & Modular
If needed, trustees may integrate
only what their company needs, be it cryptocurrency payment gates or the full
decision making process. The protocol provides varying levels of trust
structure, privacy, and voting rights highly configurable by the dApp founders.
Token
Sale & Major Milestones
To set the tokenomics of the protocol
ecosystem in motion, we are raising funds through a token sale, starting on
March 22nd. Funds from the Token Sale will be used for:
·
building a protocol with an API that will
support an autonomous, intelligent marketplace connecting trustees, asset
managers, service providers, and potential customers that aspire to fulfill
long-term purposes through decentralized applications (dApps);
·
refining and auditing the smart contracts
that will provide asset transfer and trust-like enforcement of purpose
execution;
·
creating a toolkit for deploying
Hyperledger-based private nodes that store customers’ documents, data, trust
purposes, and legal agreements;
·
deploying experimental smart contracts for
the prototype and implementing prototype-token circulation;
·
finalizing, packaging and distributing the
codebase for the private nodes and dApps
·
assisting early adopters in the
development of dApps on the Protocol
·
promotion, sales, and marketing among
banks and funds; further organic development of business models on the ET
Protocol
TEAM
Profil Bitcointalk
Link : https://bitcointalk.org/index.php?action=profile;u=2275593;sa=summary
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